Times Square’s turnaround is almost hard to believe: two decades ago few businesses – or tourists – would even think about basing their operations out of the “crossroads of the world.” But times have changed for the better and today Times Square is not only one of Manhattan’s most important commercial real estate submarkets, but home to the first green office building in the country (4 Times Square). From the Sixth Avenue corridor and the LEED Platinum Bank of America Tower, to Eighth Avenue and the LEED Gold Eleven Times Square, the Times Square submarket has become a showcase for New York City’s green building movement and high performing real estate.
Once known as Longacre Square, Times Square is now named, of course, for the New York Times Company, which was headquartered on 44th Street until it moved into its new building on Eighth Avenue in 2008, Times Square is formed by the intersection of Broadway and Seventh Avenue, and officially extends from 42nd through 47th Streets. At the northern end of Times Square, the new TKTS discount Broadway ticket booth uses – you guessed it – a geothermal heating and cooling system, which you can observe through the glass windows on the western edge of the booth. For businesses looking for a competitive global edge in branding, Times Square may be the perfect choice: 39 million tourists each year make it the world’s most visited tourist attraction.
Overall current inventory in the Times Square submarket is approximately 31 million square feet. As of the first quarter 2012, the vacancy rate was just shy of 10 percent – demonstrating the popularity of the submarket, particularly amongst creative and technology industry companies. And office space in Times Square is generally a good value – average asking rents (again, as of first quarter 2012) were approximately $55 per square foot for all classes of buildings, though $77 per square foot for Class A buildings.
The Best Manhattan Office Buildings in Times Square
- 1133 Avenue of the Americas
- Designed by Emergy Roth and Sons, this Energy Star-labeled, International Style-tower brings world-class design and performance to one of Midtown's most convenient office addresses.
- 1633 Broadway
- 1633 Broadway - once known as the Uris Building - is now the Paramount Plaza, a 48-story skyscraper located along one of the busiest avenues in Manhattan. This building is home to two Broadway theaters and was listed as the 46th tallest building in New York City as of 2007.
- 1412 Broadway
- 1412 Broadway's century-old, Garment District roots are planted firmly in the 21st century after a recent retrofit program that resulted in a 2011 Energy Star award.
- Eleven Times Square
- Even among its glittering peers in the Times Square District, 11 Times Square stands out as a strikingly lovely building.
- West 42nd Street and 8th Avenue, New York, New York